The Banking and Insurance Committee took up House Bill 2621 which relates to background checks of certain financial institutions in its Thursday meeting.
This bill amends and reenacts state code relating to background checks of certain financial institutions by the Division of Financial Institutions, formerly known as the Division of Banking. This section sets forth the duties and powers of the Commissioner, which includes in current law the mandatory duty to require a criminal background investigation.
The bill amends the current code to provide that the commissioner may determine alternate acceptable forms for background check information for direct or indirect principals of a licensee or applicant for a mortgage lender or broker license or a money transmission license who are not residents of the United States.
The bill does not apply to applications to charter or control a bank. It only applies to principals of a licensee or applicant for a mortgage lender or broker license or a money transmission license who are not residents of the United States. The bill was reported to the House and will be referred to the Judiciary Committee.
Two other bills also were taken up by the committee.
House Bill 2807 would create an additional modification to the West Virginia adjusted gross income of shareholders of S corporations engaged in banking.
The purpose of this bill is to provide a reducing modification to the West Virginia adjusted gross income of a shareholder of a Subchapter S corporation engaged in banking business in this state. The modifications are similar to modifications that presently exists in code for corporate next taxable income applicable to CD corporations, which includes banks organized as C corporations.
The provisions of the bill are applicable with respect to tax years beginning January 1, 2019. The bill was passed by the committee and will be reported to the House after being reviewed by the Judiciary Committee.
House Bill 2361 would establish certain requirements for dental insurance. The purpose of this bill is to prohibit insurers or health care service contractors from requiring dentists to provide a discount on any dental care service or materials not covered by the insurance or contract.
There was a committee amendment made to the bill which amends the section of heading, removes the definition of “contractual discount,” a term not found in the bill, to clarify that the prohibitions cover insurance policies and insurers as well as contracts by health care service contractors and makes technical corrections to the bill.
The bill is reported to the House after being reviewed by the Judiciary committee.
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